As the crypto market suffered major losses due to bear season, meme coins were not left out. These tokens, often created in line with memes on the internet, saw their cumulative market capitalization drop by $3.2 billion in 2023. This drop has paved the way for these highly popular tokens to potentially be purchased at what could be considered a discount.
Dogecoin (DOGE): King of the meme coins
Dogecoin (DOGE) has managed to maintain its title as king of the meme coins over the years, but that hasn’t helped the altcoin avoid the carnage. Despite starting 2023 strong and trading close to the $0.1 level, it has succumbed to seemingly endless bear pressure and is down around 50% since then.
Dogecoin is currently trading at one of its lowest points since the beginning of the year, which could be an excellent time to purchase the meme coin. According to Messari data, DOGE’s price is currently more than 91% lower than its all-time high of $0.738. This means that a return to all-time highs in a bull market would yield a return on investment of almost 10x from the current level of $0.059.
Shiba Inu (SHIB): The DOGE Killer
When Shiba Inu first came out in 2020 as a so-called ‘Dogecoin killer’, crypto investors didn’t take it seriously. It wasn’t until one of the most impressive rallies of 2021 occurred that investors saw its potential. It eventually grew to become the second-largest crypto among meme coins, with a market cap of over $10 billion at one point.
However, like its closest competitor Dogecoin, Shiba Inu has faced adverse conditions, causing its price to drop rapidly. It is almost 92% below its all-time high in October 2021 at $0.0000869. So like Dogecoin, a return to all-time highs will see SHIB return nearly 10x from its current price of $0.00000706.
SHIB price losses $0.000007 support | Source: SHIBUSD on Tradingview.com
SHIB also remains fierce competition for Dogecoin after the team released their own Layer 2 blockchain called Shibarium. This blockchain, built on top of the Ethereum network, has put it in the league of major players such as Polygon (MATIC), Arbitrum (ARB) and Optimism (OP).
Pepe Coin (PEPE): The new kid on the block
Pepe Coin (PEPE) is currently only a few months old, but has already shown that it deserves to be included among the top meme coins. PEPE’s run to over $1.4 billion in a bear market was nothing short of historic. But even this newcomer couldn’t completely shake off the bears.
PEPE’s market cap has fallen by more than $1.2 billion since hitting its all-time high in May, which could provide a buying opportunity. Given PEPE’s performance in a bear market, the company is expected to rise even more in a bull market.
Since the price is currently 84% below its all-time high, a return to that level from here would mean an 8x return. The coin also has a significant following with 520,000 followers on Twitter, making it one of the most followed meme coins in the space.